Begbies Traynor is better known for its business recovery and financial advisory services but has been in property services since its 2014 acquisition of Eddisons.
Andrew Forbes, founded in 1995, employs 18 staff in Bristol and operates across the southwest. It will now be integrated with Eddisons.
Begbies Traynor said that its overall strategy was to grow the businesses both organically and through acquisitions. Its strategy in property services is to enhance and broaden the service offerings and geographical coverage.
Its property services business has grown from £13m annual revenues on acquisition of Eddisons to approximately £40m today. Andrew Forbes adds a further £1.7m revenue.
Since the creation of the division through the acquisition of Eddisons in December 2014, the group has built a strong track record of acquisitions that have met these criteria. This strategy has increased the scale of the division from annual revenue of c£13m at inception to a current run rate of c£40m, demonstrating resiliency of earnings in a challenging economic environment, strong growth and profitability whilst enhancing the group's earnings.
Begbies Traynor is paying an initial £500,000 for the acquisition with a further earn out of up to £500,000 in cash subject to maintaining profits over the next three years.
Eddisons director Anthony Spencer said: “I am very pleased to welcome the Andrew Forbes team to Eddisons. They have an excellent regional reputation which complements Eddisons existing strength in valuations and the southwest. We continue to seek further opportunities for expansion across the UK."
Begbies Traynor executive chairman Ric Traynor said: "The acquisition of Andrew Forbes is in line with our strategy to develop our property advisory and transactional services division, by increasing both its scale and market position, as well as the scope of its service offering and geographical coverage. The Andrew Forbes team is a long standing and successful business, and we are looking forward to working with them."
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